Monero Accepted Online Casinos
Andreea Stanescu
Content Writer
Stefana Chele
Content Writer and iGaming Specialist
Monero, meaning 'coin' in Esperanto, the second most-spoken language globally, offers fast, affordable global transfers. However, its absence on some crypto exchanges raises the question: is it ideal for casino payments? Find the answer and discover the best Monero online casinos here.
Best Monero Casinos
Monero Online Casinos Overview
Monero (XMR) operates on the CryptoNote protocol, first detailed in Nicolas van Saberhagen's 2013 white paper. Its blockchain technology guarantees anonymity in casino transactions, hiding transaction histories. Explore further to understand how Monero can be used for deposits/withdrawals in online casinos.
 | |
|---|---|
| Type of Payment | Cryptocurrency |
| Founded | 2014 |
| Headquarters | Singapore |
| Number of Employees | 50 |
| Countries Available | Worldwide |
Monero Transactions Are Almost Untraceable - Is That Good News?
Monero is a cryptocurrency focused on privacy, decentralization, and resistance to censorship, emphasizing robust security for miners and no account casino players alike.
Users engage in transactions over its intentionally opaque network, concealing the amount transferred and the sender's address from casual observers.
The cryptocurrency ensures exceptional anonymity through features like Stealth Addresses, Ring Signatures, and RingCT, among others.
Privacy advocates point out legitimate reasons for seeking anonymity, from evading corporate surveillance to avoiding competitive espionage. Nonetheless, as a casino player, it's important for you to consider the counterarguments too.
This high level of anonymity of Monero has also drawn regulatory scrutiny. Such concerns led Binance, a major cryptocurrency exchange, to remove Monero and similar privacy-focused coins from its listings in various European countries, citing regulatory challenges.
Beware: Monero Casino Gaming Pitfalls
Converting your Monero to more common cryptocurrencies like Bitcoin is safer for online casino gaming, as most reputable casinos avoid the complexities of Monero.
How Are Monero Fees Calculated?
Monero's transaction fees are determined by network congestion and the data size of the transaction, not the transaction amount.
I found out that Monero charges about $0.24 per kB, a rate that seems fair compared to Bitcoin's $26.9 and Ethereum's $2.91 per kB.
However, Monero's enhanced privacy features, which demand significant energy for complex computations, often result in larger transaction sizes, leading to seemingly higher fees in absolute dollar terms.
Fee Calculation Simplified
If you send 10 XMR as a single transaction, it costs less in fees than dividing it into ten 1 XMR transactions. Check out Monero’s user guide to learn more about its fee structure.
How Can You Use Monero at Casinos?
To make a deposit at a casino that accepts this payment method, follow these straightforward steps:
- Sign Up for a Crypto Exchange - This is similar to a stock exchange. Here, you can purchase Monero with fiat currency (such as dollars or euros). You'll need to provide some personal details and ID for KYC verification.
- Get a Monero Wallet - A wallet is a secure digital location to store your XMR coins. It's tailored to facilitate smooth transactions. You can visit the Downloads page to find the perfect wallet.
- Transfer XMR to Your Wallet - Each digital wallet has a unique address, a mix of letters and numbers. Use this for sending XMR to your wallet.
- Pick an Online Casino - With your wallet ready, choose an online casino for gaming.
- Load Your Casino Account with XMR - Go to the casino's payment section, select Monero/XMR, and follow the instructions to transfer XMR from your wallet to your game account.
When you're finished playing, and hopefully with some winnings, you can transfer your XMR back to your digital wallet via the game site's payment section. That's all there is to it!
Monero Transactions Cannot Be Reverted
Keep in mind that If a Monero transaction is completed, the only way to retrieve funds is to request the casino operator to send it back to you.
It Must Be a Super-Secure Coin?
Monero distinguishes itself in the cryptocurrency world with its strong security measures, primarily using Ring Signature encryption, a method that blends several user signatures to obscure the identity of the actual transaction initiator.
Other Key technologies that enhance its privacy include:
- RingCT - This conceals the transaction amount.
- Stealth Addresses - It complicates the process for outsiders trying to link senders, recipients, and transaction amounts.
- Transactions over Tor/I2P - The Tor anonymity network is used for secure transaction information retrieval by your wallet.
- Dandelion - It is an advanced protocol that prevents associating an IP address with the sender.
To learn more about its security features, you may visit the XMR Mining Page.
Why Are Regulators Concerned About Monero?
Monero's strong privacy features have led U.S. agencies, including the Secret Service, to advocate for legislative control. In response to this privacy, the IRS offered a significant reward for anyone who can effectively break these protocols.
Why Caution with Monero Casinos?
In my view, Monero's impressive privacy features are shadowed by limited accessibility, its volatility and regulatory challenges, making it a risky choice for online casinos.
For a risk-free gaming experience, I suggest opting for Ethereum casinos instead.
Page Contributors
Andreea Stanescu
Content Writer
Stefana Chele
Content Writer and iGaming Specialist
